Why Work Matters

UBS Chief Economist Paul Donovan analyzes the upcoming US labor market data and its implications for consumer spending. He highlights that current spending is driven by the 'no hire, no fire' environment rather than growth in real incomes.

Key Takeaways

• 1.The upcoming US employment report is expected to be unremarkable, with potential distortions in wage data due to workforce composition.
• 2.US consumer spending remains supported by a 'no hire, no fire' labor market, providing a sense of job security despite inflationary pressures.

Table of Contents

• Audio
• Global asset class preferences definitions
• Appendix

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